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Tembec sells OSB business

Champlain, QC, the business is being turned over to Jolina Capital Inc. for $98 million. The transaction is expecte…

Champlain, QC, the business is being turned over to Jolina Capital Inc. for $98 million. The transaction is expected to be wrapped up by March 25, 2006.

The sale is in line with the company’s earlier confirmation that it intends to generate between $100 and $150 million in additional funds. “The Saint-Georgres OSB mill has been a good facility for Tembec,” said former CEO Frank Dottori. “However, it is also a business that for our company is non-core.”